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Reasons Why Cryptocurrency Traders Should Take Dogecoin Seriously

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The cryptocurrency market has become a happy hunting ground for millions of traders spread across the globe nowadays. Along with the decentralized method of payment and transaction of these currencies, the vast number of available currencies is also grabbing the attention of several investors around the world. Under the circumstances, the competition to achieve a decent market capitalization and coin price is becoming increasingly difficult for the relatively newer coins.

Among the eighteen hundred currencies currently available in the market, there are very few currencies that exhibit considerable stability amidst market turmoil. Dogecoin certainly belongs to the group of such digital currencies. While the most popular cryptocurrency Bitcoin is going through severe ups and downs within a matter of weeks or even days, the price of Dogecoin seems to remain almost entirely unaffected.

Although Dogecoin started its journey as a “joke”, the distinct features of this coin and its gradual technical developments have helped Dogecoin to acquire a commendable market capitalization (Approximately $340 Million on 29th March 2018). In 2017, an article of Dogecoin was published in the renowned newspaper The New York Times. The article consisted of severe animadversion of this cryptocurrency and vindication of the fact that Dogecoin was indeed a “joke” even after spending more than three years in the market.

Here, a few aspects of this currency would be discussed highlighting the fact why it is not really a mere “joke” and why investors should take this currency seriously.

The Bitcoin Myth:    

Dogecoin was developed by a developer residing in Portland, Oregon named Billy Markus. The initial purpose of developing this coin is to reach a broader demographic than Bitcoin and distancing it from the controversial histories other cryptocurrencies. In the recent article published in The New York Times, Dogecoin was vilified as a half-baked concept tailor-made for inexperienced and gullible traders. It was also mentioned unequivocally that Dogecoin’s logo is an insignificant emulation of Bitcoin with a dog’s picture.

In a recent interview, Ross Nicoll, the head architect behind this cryptocurrency debunked this very popular Bitcoin myth with considerable proof. According to his statement, Dogecoin is constantly undergoing updates and developments to improve its blockchain system and to implement new features. The imminent introduction of the Doge-Ethereum bridge project was also mentioned which would allow this cryptocurrency to make the most of Ethereum’s smart contract.

Also, one of the obvious facts that debunk this myth is the technology of Dogecoin. Unlike many other currencies, Dogecoin’s blockchain is completely independent of Bitcoin. This digital currency actually is a lot faster than Bitcoin in carrying out transactions and also considerably more stable. Being the sixth cryptocurrency ever designed, Dogecoin shares similarity in technology with Litecoin and Namecoin and it is well known to the traders that Litecoin’s Scrypt algorithm is completely different from Bitcoin’s SHA-256.

Advantages over Bitcoin:   

  1. Stability amidst Market Turmoil: The market price and overall market capitalization do not fluctuate as much as that of Bitcoin. By the end of February 2018, Bitcoin’s price plummeted significantly and went below the $10,000 mark. The incident affected the entire cryptocurrency market severely with a few exceptions. Dogecoin was among those exceptions as its algorithm does not depend on Bitcoin.
  2. Faster Transaction: Dogecoin takes lesser time than Bitcoin for block processing. As a result, the transaction speed is a lot faster in case of this cryptocurrency.
  3. Convenience: Apart from a faster transaction system, the transaction fee is significantly lower for Dogecoin. This broadens the range of investors and users who are about to get involved in the crypto-market.

Current Scenario and Speculation:

One Dogecoin is currently equivalent to approximately $0.003 and holds the 41st position on Coinmarketcap. Despite so much negative publicity, this currency has managed to become one of the most frequently used cryptocurrencies in the world. Keeping the volatility of the cryptocurrency market in mind, it can be inferred that Dogecoin has proved to be anything but a “joke” and with regular technical developments, it can become a valuable asset for cryptocurrency traders by the end of this year.

We will be updating our subscribers as soon as we know more. For the latest on DOGE, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Kevin Dooley via Flickr

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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